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Square Foot Cost approach form 1007, page 2

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VeloDad

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Freshman Member
Joined
Nov 15, 2004
Professional Status
Certified Residential Appraiser
State
Oregon
Does anyone use this form for the cost approach? (this is the "square foot cost form" not the rental survey form 1007) I am curious how to use page 2 for misc. calculations. I don't understand the lump sum extension box. Any advice on this?
 

Tom Woolford

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Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Jeff,

This form is designed for use with The Marshal and Swift Residential Cost Handbook. If you are not a subscriber, this form would be inappropriate for presentation of the cost approach. If you use their software, the form will be generated automatically.
 

CANative

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Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Lump sum adjustmentrs are for things not included in the square foot price tables. For example, for a certain quality there might be 8 plumbing fixtures with one rough-in fixture. But the house you are costing out has 10 fixtures and 2 rough-ins. You would add in for the extra two fixtures and one rough-in using the figures from the lump sum adjustment table for plumbing.

Same with appliances. You can cost them out for individual appliances or use an "allowance" to cover them all. These costs are in the lump sum tables.
 

Jerry Bone Jr

Senior Member
Joined
Feb 23, 2004
Professional Status
Licensed Appraiser
State
Oregon
Does anyone use this form for the cost approach? (this is the "square foot cost form" not the rental survey form 1007) I am curious how to use page 2 for misc. calculations. I don't understand the lump sum extension box. Any advice on this?
The "Lump Sum Extension" is the "Quantity" multiplied by the "Unit Cost".
 
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